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Chapter 5
Commerce and Industry
As a place for doing business, Hong Kong has all the prerequisites for business to succeed: low tax rates, first-class infrastructure, a tried and tested legal system, the free flow of capital and information. It is also the pre-eminent gateway to the mainland of China, one of the world's fastest growing economies.
Hong Kong is a leading international trading and services hub as well as a high value-added manufacturing base. It is widely recognised as one of the freest economies in the world, and the gateway to the vast Mainland market.
Hong Kong's continuing economic success owes much to a simple tax structure and low tax rates, a versatile and industrious workforce, excellent infrastructure, free flow of capital and information, the rule of law, and the Government's firm commitment to free trade and free enterprise.
The Government facilitates commerce and industry within the framework of a free market. It does not impose tariffs. Regulatory measures on international trade are kept to the minimum. Hong Kong also adopts an open and liberal investment policy and actively encourages inward investment.
The Government promotes industrial development by creating a business- friendly environment and providing adequate support services and infrastructure. It promotes innovation and technological improvement to match Hong Kong industry's shift towards knowledge-based and high value-added activities. It strengthens support for technological development and application, promotes wider use of design, helps develop fine scientists, engineers and designers, skilled technicians and venture capitalists, and encourages the development of a significant cluster of innovative and technology-based businesses.
Merchandise Trade Performance
On the whole, Hong Kong's external trade grew in 2008 despite a decline in the last quarter of the year. Total merchandise trade rose by 5.3 per cent over 2007 to $5,849.4 billion. Domestic exports feli 16.8 per cent to $90.8 billion while
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